AGREEMENT Between Terrenex Acquisition Corporation and CanArgo Energy Corporation Whereas, CanArgo has experienced delays in its proposed prospectus financing and in the sale of assets; And whereas, CanArgo requires on an urgent basis additional...

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                                                                  Exhibit 10(24)

                                   AGREEMENT
                                    Between
                        Terrenex Acquisition Corporation
                                      and
                           CanArgo Energy Corporation

Whereas, CanArgo has experienced delays in its proposed prospectus financing
and in the sale of assets;

And whereas, CanArgo requires on an urgent basis additional financing;

And whereas, Terrenex as a significant shareholder is prepared to extend
temporary financial assistance to CanArgo;

Now therefore, the parties agree to the following:

Terrenex will lend $500,000 US to CanArgo on request made after the execution
of this agreement;

CanArgo will repay this loan on or before September 21, 1999;

CanArgo will pay interest at 1% per calendar month or part thereof that the
loan is outstanding;

CanArgo will pay a financing fee to Terrenex of 50,000 shares of Uentech upon
execution of this agreement;

CanArgo hereby grants an option to Terrenex to purchase its oil & gas interests
in Canada being known as Sylvan Lake, Frog Lake, Skiff and Beaver Dam for a
price of $1,000,000 Cdn.  This option may be exercised by Terrenex after
October 1, 1999 if and only if the principal amount of the loan has not been
repaid prior to this date.

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As security for repayment of the principal and interest CanArgo grants to
Terrenex a security interest in its shares held in Uentech.  CanArgo hereby
directs Laws, Crooks Orsinski to hold in trust all of its shares in Uentech on
the trust condition that they not be released without confirmation from
Terrenex that the loan principal has been repaid.

The parties hereto acknowledge that there is a relationship between CanArgo and
Terrenex.  Each party represents and warrants that it has received approval for
this transaction from the independent members of their respective boards of
directors.

Agreed to this 19th day of July, 1999.

CanArgo Energy Corporation            Terrenex Acquisition Corporation


Per:  /s/Xxxxx Xxxxxx                 Per:  /s/Xxxxxxx Xxxxxxx

      Xxxxx Xxxxxx

      /s/ Nils Trulsvik

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                                PROMISSORY NOTE



For good and valuable consideration CanArgo Energy Corporation hereby promises
to pay $500,000 US together with interest at the rate of 1% compounding each
calendar month or part thereof on or before September 21, 1999.

Dated this 19th day of July, 1999

CanArgo Energy Corporation


Per:  /s/Xxxxx Xxxxxx

      Xxxxx Xxxxxx

      /s/ Nils Trulsvik


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